Japan's Nippon Steel has raised its full-year net profit forecast by 12% on, citing higher margins through price increases and lower costs after restructuring and capacity cuts. Nippon Steel said that Net profit in its financial year to March 31 is now projected at a record 670 billion yen (USD 4.6 billion), up from its August guidance of JPY 600 billion. The stronger profit forecast comes despite lower crude steel production plans, excluding its subsidiaries, at 34 million tonnes, down from a previous forecast of 35 million tonnes. Nippon Steel Executive Vice President Mr Takahiro Mori said “This is the effect of our efforts over the past two years to reinforce margins. Fixed costs have been significantly reduced through structural reforms.” Mr Takahiro Mori added “Global steel demand has slowed quite rapidly," Mori said, adding that a recovery will take some time in the face of U.S. monetary tightening and China's strict curbs to eliminate COVID-19 outbreaks. Net profit for the April-September period rose 25% to JPY 372 billion on inventory valuation gains and higher product prices as it passed on rising costs to customers.